ETF Trends
ETF Trends

An exchange traded fund (ETF) indexed to the U.S. dollar’s movements against a basket of foreign currencies fell to a 52-week low on Thursday after the Labor Department said jobless claims rose above 400,000 in the latest week.

The $856 million PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP) was down 0.4% in recent trading, setting a fresh low of $21.41 a share.

CurrencyShares Euro Trust (NYSEArca: FXE), which gives investors exposure to changes in the euro relative to the dollar, traded higher.

The dollar was near a 15-month low against the euro on talk the Federal Reserve will trail behind the European Central Bank in boosting interest rates, Bloomberg reported.

“The main reason for the dollar weakness at the moment is the view that the Fed will maintain its accommodative monetary stance for longer,” a currency strategist told Bloomberg.

PowerShares DB US Dollar Bullish Fund

Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.